Advanced Micro Devices Inc (NASDAQ: AMD) stock surged on Wednesday, rising 3.65% to $524.22, according to Benzinga Pro data.
The movement followed comments made by CFO Jean Hu at Citi’s 2026 Global TMT Conference on Tuesday. Hu outlined an expanding push into artificial intelligence, highlighting a massive opportunity in the data center market.
The company stated that its AI-related opportunity now reaches $2 trillion by 2030, reflecting faster adoption across computing markets. Executives described strong demand across GPUs, server CPUs, and system-level AI products. AMD expects its data center business to double in 2027, reaching about $70 billion in sales.
Despite high demand, executives warned that supply constraints persist. To support hardware deployments, AMD backed a $300 million loan for AI infrastructure startup Crusoe.
Separately, Senator Bernie Sanders (I-Vt.) argued on Tuesday that 81% of Americans believe Congress is not doing enough to regulate AI. He noted that the AI industry is spending over $300 million against candidates who want to regulate the sector.
From a technical perspective, AMD is trading 51.6% above its 200-day simple moving average ($343.86). The stock is also above its 20-day, 50-day, and 100-day averages. However, the 20-day SMA remains below the 50-day SMA, indicating the stock is working through a digestion phase after a prior run. Key resistance levels noted include $530, while key support sits at $463.
